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Steering Clear of Compliance Pitfalls

Join industry leaders as they dive deep into the complexities of compliance and risk management in "Steering Clear of Compliance Pitfalls." Hosted by Ryan Nier (GC & CCO, Nova Credit), and featuring Anna Cottle (Nova Credit) and Jason Capehart (Mission Lane), this session covers critical insights into data accuracy, consumer privacy, and the importance of fair lending practices.

Key takeaways

  • Mastering Compliance Risks: The panel addressed how fintech companies can navigate compliance challenges, particularly around fair lending, consumer data protection, and accuracy in cash flow underwriting. Leveraging cash flow data responsibly ensures regulatory compliance while expanding access to credit.
  • Data Accuracy and Consumer Rights: Nova Credit’s approach, using the Fair Credit Reporting Act (FCRA) framework, emphasizes consumer data accuracy and the ability to handle disputes. This builds trust and allows consumers to access credit fairly, especially for those traditionally underserved.
  • Enhanced Risk Management: Jason Capehart emphasized the expanded use of cash flow data beyond underwriting, showcasing how it can enhance fraud detection, credit line assignment, and overall account management, creating more nuanced risk assessments.
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